Here are the differences between the Democratic and Republican stimulus bills
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Washington (CNN)Senate Republicans formally unveiled a roughly $1 trillion stimulus proposal this week, offering a starting point for negotiations with Democrats over what will likely become Congress's last major economic response to the pandemic.
The $600 federal boost to unemployment benefits expires July 31, but millions of people are already receiving their last checks.
Democrats, who control the House, are unified behind a far bigger and different proposal. They passed their own $3 trillion stimulus bill in May.
Republicans will need support from Democrats to get a bill on the President's desk and the two sides are starting far apart. Here are some of the key differences between the two bills:
Direct stimulus payments
SENATE REPUBLICANS
The bill includes a second round of direct stimulus payments worth up to $1,200 for individuals and $2,400 for families. It would send an additional $500 per dependent, regardless of their age. The first round excluded dependents who were older than 17.
The size of the payments would again scale down -- starting with individuals who earn more than $75,000 a year and married couples who earn more than $150,00 -- and phase out all-together for higher income individuals.
HOUSE DEMOCRATS
The bill provides for a second round of stimulus payments that would be more generous than the first. It calls for $1,200 per family member, and maxes out at $6,000 per household.
The size of the payments would again scale down -- starting with individuals who earn more than $75,000 a year and married couples who earn more than $150,00 -- and phase out all-together for higher income individuals.
Unemployment benefits
SENATE REPUBLICANS
The proposal would extend the federal boost to unemployment benefits, but at a reduced amount. It calls for cutting the weekly payment to $200, from $600, until states implement a system that replaces roughly 70% of laid-off workers wages. The $200 supplement would expire Dec. 31.
HOUSE DEMOCRATS
The bill would extend the $600 enhanced unemployment benefit through January. Those receiving regular state benefits at that time could continue receiving the $600 boost as late as the end of March. It would also extend two other pandemic unemployment assistance programs into early next year.
Money for small businesses
SENATE REPUBLICANS
The bill would allow some small businesses to apply for a second loan from the Paycheck Protection Program. But it’s limited to those with fewer than 300 employees that have lost at least 50% of their revenue during the first or second quarter of this year. It reduces the amount a borrower can receive from $10 million to $2 million and gives businesses more flexibility on how they spend the money.
The bill also creates a separate low-interest, long-term loan program for seasonal businesses or those in low-income communities. They must have fewer than 500 employees that have lost at least 50% of revenue during the first or second quarter of this year.
HOUSE DEMOCRATS
The House bill didn't include additional money for the Paycheck Protection Program, but some Democrats have said they'd support expanding the program now that applications have slowed.
The Democrats' bill included $10 billion for a separate loan program for small businesses, known as Economic Injury Disaster Loans. The program ran out of money last week, using up all $20 billion already allocated by Congress for advance loans.
Education funding
SENATE REPUBLICANS
The bill calls for $105 billion in education funds. About $70 billion of that would go to K-12 schools and $30 billion for colleges and universities. Of that pot, one-third would be distributed automatically to all districts and two-thirds would go to schools that are reopening for in-person instruction.
The remaining $5 billion would go to governors who would decide how to spend the money.
HOUSE DEMOCRATS
The bill would provide $100 billion in education funds, of which $90 billion would go to states to be split between K-12 and higher education. It specifies that 65%, or $59 billion, would go to K-12 schools and 30% would go to higher education. The remaining $10 billion is allocated for colleges and students.
Liability protections
SENATE REPUBLICANS
The bill calls for liability protections that would create a safe harbor for businesses, schools, health care providers and non-profits to prevent people from suing if they contracted COVID in their facilities.
HOUSE DEMOCRATS
Democrats have opposed liability protections. Instead, they want to require new regulations from the Occupational Safety and Health Administration that would have employers create new plans to protect workers from exposure to COVID.
State and local funding
SENATE REPUBLICANS
The bill doesn’t include additional funding for states or cities, but gives them more flexibility to use some of the $150 billion allocated in the CARES Act for revenue shortfalls.
HOUSE DEMOCRATS
The bill provides $500 billion to states and $375 billion to local governments, which they can use to address budget shortfalls due to lost tax revenue or to pay for coronavirus-related expenses.
CNN's Phil Mattingly contributed to this report.
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Washington (CNN)Senate Republicans formally unveiled a roughly $1 trillion stimulus proposal this week, offering a starting point for negotiations with Democrats over what will likely become Congress's last major economic response to the pandemic.
The $600 federal boost to unemployment benefits expires July 31, but millions of people are already receiving their last checks.
Democrats, who control the House, are unified behind a far bigger and different proposal. They passed their own $3 trillion stimulus bill in May.
Republicans will need support from Democrats to get a bill on the President's desk and the two sides are starting far apart. Here are some of the key differences between the two bills:
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